Housing Resources Cut Dramatically Under House Tax Bill
The House of Representatives released their tax reform bill, H.R. 1, on Nov. 2nd. The proposal would eliminate private activity bonds, including Multifamily Housing Bonds, which allow bond-financed multifamily projects to access 4 percent Housing Credits. This would effectively end the use of 4 percent Credits and have huge implications for the future of housing development throughout New York. Enterprise Community Partners estimates that "over half of Housing Credit developments utilize tax-exempt bonds and 4 percent Housing Credits." The New York Housing Conference approximates that this elimination would affect New York's plan for the preservation and development of affordable housing by causing the loss of approximately $4.5 billion and 17,000 affordable apartments annually.
Congressman Tom Reed is a member of the Ways and Means Committee and needs to hear our objections to this bill today. He can be reached at 202-225-3161.
Contact: Sara Neitzel, firstname.lastname@example.org, 518-867-8835